Latin America

Paraguay wrapped up two days of investor meetings on Wednesday, and the South American sovereign will have New York bond syndicate desks wishing it the best of luck if it announces a new deal on Thursday — as expected.

Emerging market bond markets began with a softer tone on Wednesday after the resignation of Gary Cohn as Donald Trump’s economic adviser added to a more negative tone in global markets. Cohn is a supporter of free trade and opposed Trump's leanings towards protectionism.

French lender BNP Paribas has hired Deutsche Bank’s head of Mexican corporate client coverage as managing director and country head for Mexico as it prepares to obtain a banking license in the country.

Brazilian steel producer CSN will buy back $350m of existing bonds after concluding a tender offer for its 2019s and 2020s, though some investors think the company may come back with a more lucrative offer.

Unigel, the Brazilian commodity chemical producer, is planning a cross-border bond debut that would replace all of its existing debt, according to rating agency reports.

One of the Venezuela analysts most keenly followed by the country’s bondholders will lead opposition candidate Henri Falcón’s economic team in the run up to this year’s presidential elections, which the largest opposition party is boycotting.

After weeks of speculation, Paraguay will finally hit the road next week as Lat Am syndicate bankers point out that spreads in the region have recovered well after a turbulent month.

Recent hints from Ecuador’s finance minister Carlos de la Torre that the South American sovereign is considering a euro-denominated bond issue should be met with caution, according to a report from Quito-based Analytica Investments.

Mexican funding officials will visit Tokyo next week to update Japanese bond buyers, GlobalCapital understands.

In the wake of Venezuela’s launch of petro, an oil-backed digital currency under the control of the nation’s central bank, a host of sovereign cryptocurrency products have emerged. For some nations, it is a ploy to circumvent sanctions but, for others, it could provide an important piece of future infrastructure for blockchain based settlement.

Latin American sovereign Mexico will be visiting Tokyo next week to update Japanese bond buyers, GlobalCapital understands.

Emerging market bonds have been buoyed by several positives in key markets this week including a cabinet reshuffle in South Africa that has seen the return of respected former finance minister Nhlanhla Nene, and the upgrade of Russia to investment grade by S&P.